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EUR / USD touches new daily highs above 1.2030, heading for a week of losses

  • The US dollar is about to end the week softly after the NFP.
  • EUR / USD recovers 1.20 and above, the next resistance at 1.2050.

The EUR/USD it rose further during the US session and hit a new daily high at 1.2033. You keep most of your daily earnings, thanks to a weaker US dollar across the board.

NFP hits the dollar

EUR / USD received another boost to rebound from the low of 1.1950 after the NFP. Payrolls increased by 49,000 in January, disappointing expectations. Furthermore, the previous months were revised downwards. The unemployment rate dropped from 6.7% to 6.3%.

Wall Street stock prices are on the rise, with the Dow Jones rising 0.25% and the Nasdaq 0.18%. The DXY reversed sharply from monthly highs above 91.50 and fell towards 91.00, cutting weekly gains.

Despite rising on Friday, EUR / USD is about to end the week lower, posting the lowest close since November. The decline found support at the 20-week moving average and bounced higher. The movement from the weekly lows could suggest some consolidation before another lower leg or a recovery.

With only a few economic reports due next week, market sentiment will likely be the key as market participants will watch US yields, coronavirus data, and fiscal stimulus negotiations.

Technical levels

EUR/USD

Panorama
Today’s Last Price 1.2026
Today’s Daily Change 0.0060
Today’s Daily Change% 0.50
Today’s Daily Opening 1.1966
Trends
SMA of 20 Daily 1.212
SMA of 50 Daily 1.2151
SMA of 100 Daily 1.1965
200 SMA Daily 1.1697
Levels
Daily Preview Maximum 1.2043
Daily Previous Minimum 1.1958
Weekly Preview Maximum 1.2183
Weekly Prior Minimum 1.2058
Monthly Previous Maximum 1.235
Minimum Previous Monthly 1.2054
Daily Fibonacci 38.2% 1.199
Fibonacci Daily 61.8% 1.201
Daily Pivot Point S1 1.1935
Daily Pivot Point S2 1.1904
Daily Pivot Point S3 1.1849
Daily Pivot Point R1 1.202
Daily Pivot Point R2 1.2074
Daily Pivot Point R3 1.2105

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